COVID-19 Update and Q1 Dividend

NZX and media
announcement
—
8 May 2020


COVID-19 UPDATE AND Q1 DIVIDEND
Property for Industry Limited (PFI, the Company) has today provided an update on the impact of the
COVID-19 virus on the Company and announced a first quarter dividend of 1.8000 cents per share.

COVID-19 Update
PFI has been working closely with its tenants to understand the impact of the COVID-19 virus on their
operations. On a case by case basis, a range of solutions have been agreed with a small number of
tenants to share the impact between the tenant and PFI.

These solutions include abatement of a proportion of rent for several of PFI’s smallest tenants, as they
have been significantly affected by the New Zealand Government enforced lock-down. Rent deferrals
have been agreed with other tenants, and in some cases, discussions have been combined into wider
lease discussions. Approximately 6% of PFI’s tenants were contractually entitled
1
to some form of
immediate rental relief whilst they were unable to access their premises.

Discussions with PFI’s tenants are commercially sensitive and are expected to continue throughout
much of 2020.

On 17 March 2020, the New Zealand Government announced the reintroduction of a depreciation
deduction for commercial and industrial buildings. PFI estimates that this deduction will result in an
increase in Funds and Adjusted Funds From Operations (FFO and AFFO)
2
earnings of approximately
$1.85 million in FY20.

Further, the Board and Management Team have reviewed operating and capital expenditure, and where
appropriate, reduced or deferred expenditure.

Finally, as reported in the Company’s 2019 annual results announcement on 17 February 2020, PFI
remains well placed to continue to take advantage of the current low interest rate environment. Hedging
levels are largely unchanged from the position reported at that time, where an average of approximately
59% of PFI’s debt was expected be hedged during 2020, with the remainder on low floating interest
rates.

PFI Chief Executive Officer, Simon Woodhams, notes: “Balancing these factors with the ongoing
uncertainty around the impact and duration of the COVID-19 virus on the operating environment, we are
still not yet in a position to quantity the impact of the COVID-19 virus on PFI’s FY20 FFO and AFFO
earnings. We continue to closely monitor the situation and will provide further updates as and when
appropriate.”

Q1 Dividend
Simon Woodhams continues: “As previously announced, it is our current intention to continue to pay
dividends on a quarterly basis to the extent that the Company is in a financial position to do so. The first
quarter dividend is based on the Company’s performance from 1 January to 31 March 2020. During this
period, which was by and large prior to the New Zealand Government enforced lock-down, PFI’s
operations performed consistent with expectations.

--------

1
This contractual entitlement is commonly referred to as “clause 27.5”.
2
Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are
common property investor metrics, which have been calculated in accordance with the guidelines issued by the Property Council
of Australia.

NZX and media
announcement
—
8 May 2020


That being the case, and recognising PFI’s low levels of gearing and liquidity position, the PFI Board
has today resolved to pay a first quarter cash dividend of 1.8000 cents per share, in line with the dividend
paid for the same period in the prior year.”

The dividend will have imputation credits of 0.4925 cents per share attached and a supplementary
dividend of 0.2235 cents per share will be paid to non-resident shareholders. The record date for the
dividend is 15 May 2020 and the payment date is 26 May 2020.

Dividend Reinvestment Scheme (DRS)
The dividend reinvestment scheme will operate for this dividend with a discount of 2%.

The last date for receipt of an application for participation in the DRS for the first quarter dividend is one
business day after the record date, being 18 May 2020. If you have previously completed an application
to participate in the DRS, you do not need to do anything further. You will receive shares instead of cash,
in accordance with your application. If you wish to change your previous participation, you will need to
complete a new application.

PFI Chief Finance and Operating Officer, Craig Peirce, adds: “For some shareholders, who do not have
an immediate requirement for the cash from dividends, the dividend reinvestment scheme allows further
investment in PFI without incurring transaction costs.

And whilst PFI is in a strong financial position, the scheme allows PFI to further strengthen this position,
which we think is prudent in light of the ongoing uncertainty around the impact and duration of the
COVID-19 virus on the operating environment. Funds raised will also assist to fund committed projects
and potential opportunities.”

Further details on PFI’s DRS can be found in the attached updated DRS Offer Document, and at:
https://www.propertyforindustry.co.nz/investor-centre/dividend-information/dividend-reinvestment/.

Annual Meeting
A further update on the Company’s operations will be provided at PFI’s Annual Meeting, which is to be
held as a virtual meeting at 11.00am on 3 June 2020. For more detail on the Annual Meeting, please
visit https://www.propertyforindustry.co.nz/investor-centre/annual-meeting/.

ENDS
ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 93 properties is leased to
141 tenants.

For further information please contact:

SIMON WOODHAMS CRAIG PEIRCE
Chief Executive Officer Chief Finance and Operating Officer
--- ---
Phone: +64 21 749 770 Phone: +64 21 248 6301
Email: woodhams@propertyforindustry.co.nz Email: peirce@propertyforindustry.co.nz
---
Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
---
www.propertyforindustry.co.nz

Attachments
NZX Form – Distribution Notice
Updated Dividend Reinvestment Scheme Offer Document

---

Template
Distribution Notice

Updated as at 18 December 2019






Section 1: Issuer information
Name of issuer Property for Industry Limited
Financial product name/description Property for Industry Limited Shares
NZX ticker code PFI
ISIN (If unknown, check on NZX
website)
NZPFIE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly X
Half Year Special
DRP applies X
Record date 15 May 2020
Ex-Date (one business day before the
Record Date)
14 May 2020
Payment date (and allotment date for
DRP)
26 May 2020
Total monies associated with the
distribution
$8,977,836
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.02292500
Gross taxable amount $0.01758800
Total cash distribution $0.01800000
Excluded amount (applicable to listed
PIEs)
$0.00533700
Supplementary distribution amount $0.00223500
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.00492500
Resident Withholding Tax per
financial product
N/A

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2%
Start date and end date for
determining market price for DRP
15 May 2020 21 May 2020
Date strike price to be announced (if
not available at this time)
22 May 2020
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
To be determined
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
18 May 2020
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Craig Peirce
Contact person for this
announcement
Craig Peirce
Contact phone number +64 21 248 6301
Contact email address peirce@pfi.co.nz
Date of release through MAP

8 May 2020

---

D I R E C T LY
INCREASE
YOUR
INVESTMENT.
YOUR
INDUSTRIAL
PROPERTY
EXPERTS
Property
for
Industry
Limited
Dividend
Reinvestment
Scheme
Offer
Document
8 May 2020

THIS IS AN IMPORTANT
DOCUMENT. YOU SHOULD
READ THE WHOLE DOCUMENT
BEFORE MAKING ANY
DECISIONS. IF YOU ARE IN
ANY DOUBT AS TO WHAT YOU
SHOULD DO, YOU SHOULD
CONSULT YOUR FINANCIAL
ADVISER OR BROKER.

1
INTRODUCTION
This document outlines the terms of the current Dividend
Reinvestment Scheme being offered to all shareholders in Property
For Industry Limited (“PFI”) with effect from 8 May 2020. It replaces
the offer document dated 26 April 2016 which set out the terms of
the scheme as modified from that date.
If you have previously completed an Application to participate
in the Scheme, you do not need to do anything further to benefit
from the terms of the Scheme (as amended). You will continue to
receive shares instead of cash, in accordance with your Application.
If you wish to change your previous participation, you will need to
complete a new Application.
A Dividend Reinvestment Scheme is an arrangement whereby a
shareholder elects to receive shares instead of a cash payment
for dividends.
Our research indicates that Dividend Reinvestment Schemes are
popular in both Australia and New Zealand.
A Dividend Reinvestment Scheme benefits shareholders who do
not require cash dividends because it allows them to reinvest in
PFI without incurring transaction costs.
A Dividend Reinvestment Scheme may also be viewed as a form
of compulsory saving. However, if you join the scheme and find
you need cash in the future you can always sell some shares or
withdraw from the scheme.
If you want to enter the Scheme, you can elect to have either:
• all of your shares; or
• a fixed number of your shares; or
• a fixed proportion of your shares,
eligible for the Scheme.
If you do not want to enter the Scheme simply do nothing.
Shares issued in lieu of dividends will be issued at the weighted
average market price of the shares in the five trading days after the
shares go “ex” the relevant dividend. If there are no share sales over
that period, the purchase price will be calculated on the Net Asset
Value per share on the next trading day after the “ex” dividend date.
All dividend reinvestment shares will rank equally with existing shares
and can be sold at any time. As an incentive to shareholders wishing
to take advantage of this Scheme, the Board will offer a discount of
up to 5% of the purchase price of the re-investment shares.
This offer is entirely optional and PFI recommends that you seek
the advice of your financial adviser or broker before committing to a
course of action.
Participation in the Scheme is open to all shareholders with a registered
address in New Zealand or Australia. If you wish to participate in the
Dividend Reinvestment Scheme you should make an application online
at www.investorcentre.com/nz or on the Application / Withdrawal
Form available from the Share Registrar and at the back of this booklet.
Your Application must be received by the Share Registrar on or before
the business day following the relevant Record Date in respect of
which you wish to participate.

2 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
TERMS AND CONDITIONS
1 Introduction
This Offer Document contains the terms and conditions of the
PFI Dividend Reinvestment Scheme.
The Scheme is available to you if, subject to sections 3 and 4,
you are the holder of ordinary shares in PFI.
Under the Scheme, you may elect to reinvest the net proceeds
of cash dividends payable or credited on all or some of your
fully paid Shares by acquiring Additional Shares.
The Record Date for determining your entitlement to Additional
Shares under the Scheme is 5:00pm on the date fixed by PFI
for determining entitlements to dividends payable or credited
on Shares.
This Offer Document has been prepared as at 8 May 2020.
2 Available Options
You may elect to participate in the Scheme by exercising one of
the following options:
(a) Full Participation – If you choose full participation,
the Scheme will apply to the cash dividends payable
or credited from time to time in respect of all Shares
registered in your name.
(b) Partial Participation – If you choose partial participation,
the Scheme will only apply to the cash dividends payable
or credited from time to time in respect of your nominated
percentage of Shares registered in your name or your
nominated number of Shares. If you hold less than the
nominated number of Shares, then the Scheme will apply
to all of the Shares you hold.
If you do not wish to participate in the Scheme and instead wish to
receive any dividends payable or credited in respect of your Shares
from time to time in cash, you do not need to do anything.
3 Overseas Shareholders
PFI may, in its absolute discretion, elect not to offer
participation in the Scheme to shareholders whose address is
outside New Zealand if PFI considers that to do so would risk
breaching the laws of any other jurisdiction and it would be
unduly onerous to ensure that the laws of those jurisdictions
are complied with. As at the date of this Offer Document, the
Scheme is only available to holders of Shares who have an
address in New Zealand or Australia. However, the Board may
amend this policy at any time, in its sole discretion.

3
If you do not reside in New Zealand or any other jurisdiction in
respect of which the Scheme is made available and you participate
in the Scheme through a nominee resident in New Zealand or
any other such jurisdiction you will be deemed to represent and
warrant to PFI that you can lawfully participate through your
nominee. PFI accepts no responsibility for determining whether
any person is able to participate in the Scheme under laws
applicable outside of New Zealand or any other jurisdiction in
respect of which the Scheme is made available.
4 Exclusion where Liens or Charges over Shares
If you hold any Shares over which PFI has a lien or charge,
those Shares will not be eligible to participate in the Scheme.
5 Application
To participate in the Scheme you must make an Application in
one of the following ways:
(a) Online Application – by visiting the website of
PFI’s Share Registrar, Computershare Investor Services:
www.investorcentre.com/nz.
Go to www.investorcentre.com/nz, select ‘Payments
enquiry’ and log in. Then select ‘Update My Details’ and
click on ‘Reinvestment Plans’ in the dropdown box. Select
Property For Industry Limited in the holding line and follow
the instructions. You will need your CSN/Investor Number
and FIN to log in. If you don’t have this information
available you can email enquiry@computershare.co.nz or
phone +64 9 488 8777; or
(b) Application / Withdrawal Form – by completing the
Application / Withdrawal Form available from the Share
Registrar and at the back of this booklet and returning it to
PFI’s Share Registrar in one of the following manners:
Mail
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Fax: +64 9 488 8787
Scan and email
enquiry@computershare.co.nz
Fax +64 (9) 488 8787
or such other person or address as PFI may determine from
time to time.

4 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
You can make your Application at any time while this Scheme
is in effect by following one of the steps above. Application /
Withdrawal Forms can be obtained from PFI’s Share Registrar
at any time.
If your Application does not specify your degree of participation
in the Scheme, you will be deemed to have chosen full
participation if your Application is otherwise correctly
completed and signed.
6 Date Participation Applies
The last date on which you may elect to participate in the
Scheme in respect of any dividend payment is one business day
after the Record Date for that dividend payment. Net proceeds
of cash dividends payable or credited on your Participating
Shares will be reinvested in Additional Shares from this date,
provided that PFI receives a properly completed Application.
7 Formula for Calculation of Additional Shares and
Strike Price
If you choose to participate in the Scheme, the number
of Additional Shares you will be allotted will be calculated
in accordance with the following formula:
N =
PS x D
Strike Price
Where:
N is the number of Additional Shares you will receive
(where the number of new shares calculated in accordance
with the preceding formula includes a fraction which is exactly
one half or greater, the number will be rounded up to the next
whole number, but where it is less than one half, the number
will be rounded down to the previous whole number).
PS is the number of your Participating Shares.
D is the net proceeds of cash dividends paid or credited per
Share by PFI (expressed in cents and fractions of cents,
including any applicable supplementary dividends in respect of
Participating Shares payable to non-resident shareholders but
excluding any tax credits and after deduction of any withholding
or other taxes, if any).
Strike Price is the volume weighted average sale price in
New Zealand dollars (expressed in cents and fractions of cents)
for a Share calculated on all trades of Shares which took place
through the NZX Main Board over the period of 5 trading days
immediately following the Ex Date less a percentage discount
(if any) determined by the Board in its absolute discretion,
provided that any such discount shall not exceed 5%. If no sales

5
of Shares occur during those 5 trading days, then the Strike
Price will be deemed to be the Net Asset Value per Share on
the trading day immediately following the Ex Date. The Strike
Price may be reasonably adjusted by PFI to allow for any bonus
issue or dividend or other distribution expectation. If, in the
opinion of the Board, any exceptional or unusual circumstances
(including any unusual or irregular trades) have artificially
affected the Strike Price, PFI may make such adjustment to
that price as it considers reasonable. Any percentage discount
determined by the Board shall be notified to NZX Limited in
accordance with the NZX Listing Rules.
The price at which your Additional Shares will be allotted will
be the Strike Price. The determination of the Strike Price by the
Board, or by some other person nominated by the Board, will be
binding on all participants in the Scheme.
8 Compliance with Laws, Listing Rules and Constitution
The Scheme will not operate to the extent that the allotment
of Additional Shares under the Scheme would breach any
applicable law, the NZX Listing Rules or any provision of
the Constitution.
If, for any reason, PFI cannot allot your Additional Shares,
the relevant dividend on your Participating Shares will be paid
or distributed to you in the same manner as to shareholders not
participating in the Scheme. You will not be paid interest on any
such payment.
9 Issue of Additional Shares
PFI will allot your Additional Shares in accordance with
sections 7 to 8 on the day that you would otherwise have been
paid a dividend.
10 Share Price Information Publicly Available
PFI will ensure that at the time the Strike Price is set under
section 7 it will have no information that is not publicly
available that would, or would be likely to, have a material
adverse affect on the realisable price of the Shares if it was
publicly available.
11 Terms of Issue and Ranking of Additional Shares
Your Additional Shares will be allotted on the terms set
out in this Scheme, subject to the rights of termination,
suspension and modification set out in section 14. Your Additional
Shares will, from the date of allotment, rank equally in all
respects with each other and with all other Shares on issue as at
that date. Your Additional Shares will, from the date of allotment,
be subject to the same rights as all other Shares on issue as at
the date.

6 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
12 Source of Additional Shares
Your Additional Shares may, at the Board’s discretion, be:
(a) new Shares issued by PFI;
(b) existing Shares acquired by PFI or a nominee or agent
of PFI; or
(c) any combination of (a) and (b) above.
13 Statements
If you choose to participate in the Scheme, PFI will send a
statement to your address or electronic mail address (if you
have elected to receive communications electronically) as set
out in PFI’s share register within 5 trading days of the allotment
of Additional Shares detailing:
(a) the number of your Participating Shares as at the
Record Date;
(b) the amount of your cash dividend reinvested in
Additional Shares and the amount paid in respect of any
of your Shares that are not participating in the Scheme
(if applicable);
(c) the Strike Price and number of Additional Shares you were
allotted under the Scheme;
(d) the amount of any tax deductions or withholdings,
imputations or other taxation credits in respect of the
cash dividend; and
(e) such other matters required by law with respect to
dividends and/or reinvestment.
14 Termination, Suspension and Modification
The Board may, in its sole discretion, at any time:
(a) terminate, suspend or modify the Scheme. If the Scheme
is modified, your Application will be deemed to be an
Application under the modified Scheme unless you
withdraw or modify your Application in accordance with
section 16;
(b) resolve that some or all of a dividend will be paid in cash
only instead of the Scheme applying;
(c) resolve that in the event of the subdivision, consolidation
or reclassification of the Shares into one or more new
classes of shares, your Application will be deemed to
be an Application in respect of the shares as subdivided,
consolidated or reclassified unless you withdraw or modify
your Application in accordance with section 16;

7
(d) resolve that your Application will cease to be of any effect;
or
(e) determine that Additional Shares may be issued at a
discount to the market price of Shares and the amount of
any such discount.
15 Prior Notice
You will be sent written notice by PFI of any modification
or termination to the Scheme at your address or electronic
mail address (if you have elected to receive communications
electronically) as set out in PFI’s share register at least seven
days prior to the Record Date on which any modification or
termination will take effect, unless PFI:
(a) modifies or terminates the Scheme to comply with any
applicable law, the listing rules of any stock exchange
on which the Shares are quoted or any provision of the
Constitution; or
(b) makes minor amendments to the Scheme where such
amendments are of an administrative or procedural
nature,
in which case no notice need be given.
16 Variation or Termination
You may at any time:
(a) increase or decrease the number of your Participating
Shares by making a new Application in accordance with
section 5; or
(b) terminate your participation in the Scheme by completing
the relevant boxes on the Application / Withdrawal Form
and sending it to PFI’s Share Registrar at the address set
out in section 5.
Such variation or termination will take effect on the first
Record Date after receipt by PFI’s Share Registrar of the
new Application or the written termination notice, as the case
may be.

8 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
17 Partial Dispositions
If you dispose of any of your Participating Shares, you will be
deemed to have terminated your participation in the Scheme
with respect to the Participating Shares you disposed of from
the date PFI’s Share Registrar registers a transfer of those
Participating Shares. If you have elected to participate by
nominating a number of Shares (rather than nominating a
percentage of Shares), then, unless you notify PFI otherwise
in writing, for the purposes of the Scheme, the Shares disposed
of will be:
(a) firstly, your non-participating Shares; and
(b) secondly, your Participating Shares to the extent that you
have disposed of a number of Shares greater than your
number of non-participating Shares.
18 Dispositions of all of your Participating Shares
If you dispose of all of your Participating Shares, you will be
deemed to have terminated your participation in the Scheme
from the date PFI’s Share Registrar registers a transfer of
those Shares.
19 Taxation
For New Zealand tax purposes, if you reinvest the net proceeds
of your cash dividends to acquire Additional Shares, you should
be treated in the same way as if you had not participated in the
Scheme. This means that if you participate in the Scheme, you
should derive dividend income of the same amount that you
would have derived had you not participated in the Scheme.
The taxation summary above is based on New Zealand
taxation laws as at the date of this Offer Document and is, of
necessity, general. It does not take into account your individual
circumstances and the specific tax consequences of your
participation or non-participation in the Scheme, which may
vary considerably. You should not rely on this general summary
but should seek your own tax advice. PFI does not accept
any responsibility for the financial or taxation effects of your
participation or non-participation in the Scheme.
20 Costs
You will not be charged for participation or withdrawal from
the Scheme. You will not incur any brokerage charges on the
allotment of your Additional Shares.
21 Quotation of Additional Shares
The Shares have been accepted for quotation on the NZX Main
Board, and it is expected that the Additional Shares will be

9
quoted upon completion of allotment procedures. However,
NZX Limited accepts no responsibility for any statement in this
Offer Document.
You cannot trade in any Additional Shares allotted to you
pursuant to the Scheme, either as principal or agent, until
official quotation of the Additional Shares on the NZX Main
Board in accordance with the NZX Listing Rules. PFI expects
that the Additional Shares will commence trading on the NZX
Main Board on the trading day on which the Additional Shares
are allotted.
22 Listing Rules
The Scheme is subject to the NZX Listing Rules and to any
rules for clearing and/or settlement which apply to the NZX
Main Board from time to time (together, the “Rules”) and in the
event of any inconsistency between the Scheme and the Rules,
the Rules will apply.
23 Governing Law
The Scheme and its operation will be governed by the laws of
New Zealand.
24 Dividend Policy
You can find PFI’s current dividend policy in PFI’s most recent
annual or interim report.
25 Other Information
You can download an electronic copy of PFI’s most recent
Annual Report and PFI’s most recent financial statements (and
any auditor’s report on those financial statements) from PFI’s
website at http://www.pfi.co.nz
Alternatively, you can request a copy of these documents
free of charge by writing to PFI’s registered office at:
Property For Industry Limited
Shed 24, Prince’s Wharf
147 Quay Street
Auckland 1010
New Zealand

10 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
DEFINITIONS
ADDITIONAL SHARES
means the Shares to be issued or
transferred to you pursuant to the
Scheme.
APPLICATION
means your chosen participation in
the Scheme, made in one of the ways
specified in section 5 of this Offer
Document.
APPLICATION/
WITHDRAWAL FORM
means the form of application/
withdrawal form available from the
Share Registrar.
BOARD
means PFI’s board of directors.
CONSTITUTION
means PFI’s constitution.
E X DAT E
means the first Business Day before
the relevant Record Date, unless NZX
determines otherwise
NZX MAIN BOARD
means the main board equity security
market operated by NZX Limited.
OFFER DOCUMENT
means this booklet which sets out the
terms and conditions of the Scheme.
PARTICIPATING
SHARES
means the Shares, if any, in respect
of which you have made a valid
Application at each Record Date.
PFI
means Property for Industry Limited.
SCHEME
means PFI’s Dividend Reinvestment
Scheme established by the Board on
the terms and conditions set out in this
Offer Document, as amended from time
to time.
RECORD DATE
means 5:00pm on the date fixed by
PFI for determining entitlements
to dividends payable or credited on
Shares.
SHARE REGISTRAR
means Computershare Investor
Services Limited.
SHARES
means ordinary shares in PFI.
STRIKE PRICE
means the price at which Additional
Shares will be issued to you, calculated
in accordance with section 7 of this
Offer Document.

11
DIRECTORY
ISSUER
Property for Industry Limited
Shed 24, Prince’s Wharf
147 Quay Street
PO Box 1147
Auckland 1140
Tel: +64 9 303 9450
Fax: +64 9 303 9657
propertyforindustry.co.nz
info@propertyforindustry.co.nz
DIRECTORS
Anthony Beverley (Chairman)
David Thomson
Dean Bracewell
Humphry Rolleston
Susan Peterson
Gregory Reidy
CHIEF EXECUTIVE OFFICER
Simon Woodhams
Tel: +64 9 303 9652
woodhams@propertyforindustry.co.nz
CHIEF FINANCE AND OPERATING OFFICER
Craig Peirce
Tel: +64 9 303 9651
peirce@propertyforindustry.co.nz

12 DIVIDEND REINVESTMENT SCHEME PROPERTY FOR INDUSTRY LIMITED
AUDITOR
PricewaterhouseCoopers
188 Quay Street
Private Bag 92162
Auckland 1142
Tel: +64 9 355 8000
Fax: +64 9 355 8001
CORPORATE LEGAL ADVISOR
Chapman Tripp
23 Albert Street
PO Box 2206
Auckland 1140
Tel: +64 9 357 9000
Fax: +64 9 357 9099
VALUATION PANEL
CBRE Limited
Colliers International New Zealand Limited
Jones Lang LaSalle Limited
Savills (NZ) Limited
BANKERS
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
Westpac New Zealand Limited
REGISTRAR
Computershare Investor Services
159 Hurstmere Road
Private Bag 92119
Auckland 1142
Tel: +64 9 488 8777
Fax: +64 9 488 8787
www.investorcentre.com/nz
insight
creative.co.nz

PFI140

DIVIDEND REINVESTMENT
SCHEME (“DRS”)
APPLICATION*/WITHDRAWAL* FORM
This document is important. Should you have any doubts about how to deal with it, please consult your legal, taxation or financial advisers immediately.
Name and Address

Registered Holder/s
Participation in*/ Withdrawal from* the DRS
I/we apply to participate in*/ withdraw from* the DRS according to the following participation level.
Full (100%) – If you wish all of your shares to participate at the time of each dividend, please tick Box A. A.

Partial (Number of Shares) – If you wish a specific number of your shares to participate at the time of

each dividend, please insert the number in Box B. This must be less than all of the shares you hold. B.
Partial (Percentage) – If you wish a specific percentage of your shares to participate at the time of

each dividend, please insert the percentage in Box C. This must be less than 100%. C.
Withdrawal from the DRS – If you wish to terminate your participation in the DRS, please tick Box D.
D.
EXECUTION
By signing this form I/we:
(a) agree that I/we have received the booklet containing the terms and conditions of the DRS, and read in its entirety.
(b) agree to be bound by the terms and conditions of the DRS (as amended from time to time); and
(c) acknowledge that I/we may only withdraw or vary my/our participation by notification in the approved form in accordance with the terms and conditions of the DRS.
Please sign here: This section must be signed for your instructions to be executed.
Shareholder 1 (individual): Companies: Director

Joint Shareholder 2: Other:

Joint Shareholder 3: Other:

Date:

/ /
Holder No.
Shares Held
SIGNING INSTRUCTIONS
For your application or withdrawal to be valid, you must sign this form in the spaces provided above in accordance
with the following instructions:
Joint Holding Where the holding is in more than one name, all of the Shareholders must sign.
Power of Attorney If signed under a Power of Attorney, you must attach a certified photocopy of the Power of Attorney, together with a certificate of non-revocation,
to this form when you return it.
Companies Companies must sign in accordance with the Companies Act 1993, or the Australian Corporations Act (as applicable), and their constitution.
Please indicate the office held when signing the appropriate space.
PLEASE FORWARD YOUR COMPLETED
DRS APPLICATION/WITHDRAWAL FORM TO:
The Registrar, Property For Industry Limited,
C/- Computershare Investor Services Limited, Level 2,
159 Hurstmere Road, Private Bag 92119, Auckland 1142
PLEASE DIRECT ANY QUERIES TO:
The Registrar, Computershare Investor Services Limited
By telephone on (+64 9) 488 8777
Or by email enquiry@computershare.co.nz
Shareholders who know their CSN/Holder Number and FIN
can apply or withdraw online at www.investorcentre.com/nz
*
strikeout whichever is not applicable
THIS IS AN IMPORTANT
DOCUMENT. YOU SHOULD
READ THE WHOLE DOCUMENT
BEFORE MAKING ANY
DECISIONS. IF YOU ARE IN
ANY DOUBT AS TO WHAT YOU
SHOULD DO, YOU SHOULD
CONSULT YOUR FINANCIAL
ADVISER OR BROKER.

www.propertyforindustry.co.nz